ACCY200 AA Feb20 Answer Template PDF

Preview

Summary

accy 200...

Description

ANSWER TEMPLATE FINAL Alternative Assessment (COVER PAGE) Session

:

February 2020

Programme

:

University of Wollongong

Course

:

ACCY200: Financial Accounting II

Date of Examination

:

July 03, 2020 (Friday)

Time

:

3:00pm – 7:00pm

Duration

:

4 hours

Special Instructions

:

Reading Time:

Nil

1. There are SEVEN (7) questions of unequal marks. Answer ALL the questions. 2. Total marks for the examination is 100. 3. You must answer ALL questions in Microsoft Word format. IMPORTANT NOTE: Upon completion, immediately upload your answers to the ACCY200 (SJ120) Financial Accounting IIA exam link https://moodle.uowplatform.edu.au/course/view.php?id=23168 in Moodle. Your exam duration of 4 hours takes into account the inclusion of your Moodle uploading process and buffering.

Student Name

:

UOW student ID no

:

Answer all questions in the Word template provided. Answer each question on a new page

Honour Statement By proceeding to attempt this exam, you are acknowledging that you are aware of the above requirements and that any work submitted is your own. This means that you agree to the following: •

I understand all requirements for this exam and have been given an opportunity to ask questions regarding exam procedures.

•

I am the individual enrolled in this subject.

•

I understand that at no point during or after the exam am I to discuss, collude, or share information about the exam with any other individual or group.

•

I understand that, as a member of the UOW community, I am responsible for maintaining the quality and rigour of the institution.

•

I understand that if I am found in violation of this agreement that I will be subject to university Academic Misconduct Procedures.

If you agree with the above statements, you may attempt the exam now.

ACCY200 (AA) / Page 1 of 10 UNIVERSITY OF WOLLONGONG PROGRAMME (UOW) ACCY200: FINANCIAL ACCOUNTING II FINAL EXAMINATION: JULY 2019 SESSION There are SEVEN (7) questions of unequal marks. Answer ALL the questions. Total marks for the examination is 100. You must answer ALL questions in Microsoft Word format. Question 1

(15 Marks)

(a)

Explain the objectives of general purpose financial reporting, the nature of users, and the information to be provided to users to achieve the objectives as provided in the Conceptual Framework. (5 marks)

(b)

Explain the difference between classification of expenses by nature and by function as presented in the statement of profit and loss and other comprehensive income. (5 marks)

(c)

Explain based on AASB 138/IAS 38 which of these items as shown above, should be included as an intangible asset in the accounts of Megane Ltd. (5 marks)

ACCY200 (AA) / Page 2 of 10 Question 2

(10 Marks)

Calculate any impairment loss and record the necessary journal entry for VVW Ltd on 30 June 2020. Show all the necessary workings. (10 marks)

ACCY200 (AA) / Page 3 of 10

Question 3 (a)

(15 Marks)

Current Tax (9 marks) Current Tax Worksheet for the year ended _____________________ $

$

Accounting profit Add:

Less:

The journal entry for current tax for the year __________________ Debit ($)

Credit ($)

ACCY200 (AA) / Page 4 of 10 (b) Deferred tax (6 marks)

Deferred Tax Worksheet as at _________________________________

Carrying Amount $

Future Taxable Amount $

Future Tax Base Deductible Amount $ $

Taxable Temporary Differences $

Deductible Temporary Differences $

(Dr / Cr)

(Dr / Cr)

Assets

Liabilities

Total Temporary Differences Def. tax liability Def. tax asset Beginning balances Adjustment

The journal entry for deferred tax for the year _________________________________

Debit

Credit

ACCY200 (AA) / Page 5 of 10 Question 4

(15 Marks) Harry Ltd

(a)

Prepare the journal entries for Machine A for the period 1 July 2019 to 30 June 2020 on the basis that it was revalued on 31 December 2019. Show all working out. (6 marks)

Date

(b)

Dr

Cr

Prepare the journal entries for Machine B for the period 1 July 2019 to 30 June 2020 on the basis that it was revalued on 31 December 2019. Show all working out. (5 marks) Date

(c)

Details

Details

Dr

Cr

Prepare the revaluation journal entries for Machine A required for 1 July 2020. (4

marks) Date

Details

Dr

Cr

ACCY200 (AA) / Page 6 of 10 Question 5 (a)

(15 Marks)

Prepare a lease payments schedule and the journal entries in the records of Lessee Ltd for the year ended 30 June 2019 and 30 June 2020. Show all workings. (8 marks)

Lessee Ltd Lease payments schedule Lease payments $

Interest expense $

Liability reduction $

Liability balance $

Lessee Ltd Journal entries

Date

Details

Dr

Cr

ACCY200 (AA) / Page 7 of 10 (b)

Prepare a lease receipts schedule and the journal entries in the records of Lessor Ltd for the year ending 30 June 2020. Show all workings. (7 marks) Lessor Ltd Lease receipts schedule

Lease payments $

Interest revenue $

Receivable Receivable reduction balance $ $

Lessor Ltd (Lessor) Journal entries Date

Details

Dr

Cr

ACCY200 (AA) / Page 8 of 10 Question 6 (a)

(15 Marks)

Prepare the acquisition analysis for the acquisition transactions of Subang Ltd. (10 marks)

Acquisition analysis:

(b)

Prepare the journal entries in the books of Subang Ltd to record the acquisition at 1 July 2020. (5 marks)

Date

Details

Dr

Cr

ACCY200 (AA) / Page 9 of 10 Question 7

(15 Marks) Penang Ltd Statement of Cash Flows For the year ended 30 June 2020

$

$

Cash flows from operating activities

Cash flows from investing activities

Cash from financing activities

Cash and cash equivalents at end of period

ACCY200 (AA) / Page 10 of 10 Working Out

~ The End ~ ACCY200(AA)/feb20/formatted...